Any "Latest & Greatest" about Delta?
11-20-2010 | 07:51 AM
Gets Weekends Off
Joined: Feb 2007
Posts: 6,844
Likes: 0
From: 765-A
11-20-2010 | 07:52 AM
Gets Weekends Off
Joined: May 2010
Posts: 295
Likes: 0
From: bartender
11-20-2010 | 07:58 AM
No longer cares
Joined: Mar 2008
Posts: 12,109
Likes: 0
From: 767er Captain
Absolutely.
Want me to tell you how I did it this past summer?
$2500 401K from a car dealership. Never did anything with it as I had plenty in other 401Ks. To roll it into one of the others would've been silly for two reasons a) I needed the money to help offset $8K in unexpected home and car expenses in a span of 30 days this past summer and b) I lose more than $2500 sometimes in those 401ks in a single day.
I cashed it out. Very easy. Very quick. I'd never do it on a 401K worth more than, well, $2500.
My brother used to have one of those six figure salaries in pharma (oxycotin), that went to 0 three or four years back. He was underemployed for a while and eventually had to cash out of a 401K to save the house and never paid taxes on it because of all the other losses.
It's a 10% penalty and they withhold taxes on it.
Want me to tell you how I did it this past summer?
$2500 401K from a car dealership. Never did anything with it as I had plenty in other 401Ks. To roll it into one of the others would've been silly for two reasons a) I needed the money to help offset $8K in unexpected home and car expenses in a span of 30 days this past summer and b) I lose more than $2500 sometimes in those 401ks in a single day.
I cashed it out. Very easy. Very quick. I'd never do it on a 401K worth more than, well, $2500.
My brother used to have one of those six figure salaries in pharma (oxycotin), that went to 0 three or four years back. He was underemployed for a while and eventually had to cash out of a 401K to save the house and never paid taxes on it because of all the other losses.
It's a 10% penalty and they withhold taxes on it.
11-20-2010 | 08:20 AM
Gets Weekends Off
Joined: Feb 2008
Posts: 2,355
Likes: 34
11-20-2010 | 08:23 AM
Gets Weekends Off
Joined: Jan 2008
Posts: 1,890
Likes: 0
From: 737A
11-20-2010 | 08:25 AM
Gets Weekends Off
Joined: Feb 2008
Posts: 2,539
Likes: 0
11-20-2010 | 08:54 AM
Gets Weekends Off
Joined: Feb 2006
Posts: 1,242
Likes: 0
Now this is nothing new, but I am new so I just looked at it for the first time yesterday, and am wondering if I am interpreting this correctly. We can take a loan out from our retirement savings with a standard amoritization and pay interest, but we are paying the interest back to ourselves so we aren't really being charged anything? And it also said no tax penalties. If that is right, that's awesome. Could you then use that for part of a downpayment for a home and essentially not pay interest on that portion? Maybe I am completely misinterpreting this.
11-20-2010 | 08:54 AM
Gets Weekends Off
Joined: Feb 2008
Posts: 6,070
Likes: 1
From: Urban chicken rancher.
Now this is nothing new, but I am new so I just looked at it for the first time yesterday, and am wondering if I am interpreting this correctly. We can take a loan out from our retirement savings with a standard amoritization and pay interest, but we are paying the interest back to ourselves so we aren't really being charged anything? And it also said no tax penalties. If that is right, that's awesome. Could you then use that for part of a downpayment for a home and essentially not pay interest on that portion? Maybe I am completely misinterpreting this.
11-20-2010 | 08:56 AM
Gets Weekends Off
Joined: Feb 2007
Posts: 6,844
Likes: 0
From: 765-A
11-20-2010 | 08:56 AM
No longer cares
Joined: Mar 2008
Posts: 12,109
Likes: 0
From: 767er Captain
As far as the "being punked" thing... just stirrin the pot. I like watching the hornets.. and PG is waaaaaay too easy
Thread
Thread Starter
Forum
Replies
Last Post
